Yep

There goes oil

Clobbering

huge clobbering in regionals on the opening..... and then... 5 and 10% reversals

That 10% move there Just paid my bills this month.

I'm expecting some weakness this afternoon.... But maybe nto...

oil and the dollar

the euro/dollar is making a new low... er the dollar is very strong this morning.

The line in the sand is still 130.50 for oil to confirm a slight downtrend....

It's a flag pattern... and the bias is to the upside in oil.

Unless Oil compleatly breaks down to the 120's I'd say we will trade flat to down today

Running some charts

I was running some charts... lot's of the shitty banks are making new highs, they have yet to confirm a lower low, with a followup higher high...

of my underperforming regionals.....

cbon,HCBK, bbt, look like they could be on an uptrend.

STT as I mentiond this week, continues to be moving higher.... Though a nice wave 2 pull back would not suprise me today.

With the picutre of the financials being mixed... I'd say it's finaly a good sign of Accumulation... and you can even see it on the SPY.....

My prediction for the day is slight weakness... Unless oil breaks to the upside

The great Barry, asked about what the fed will do.

It's a game of brinkmanship. But 2 things could bring a hike... Oil at 150.. or the ECB getting tight.

if we can get below 130 in oil... the market could sustain an up day... I was reading the commodities trader stuff... those guys are running pure adrenalin these days Flipping those trades around like no body's business.... and being very cautious on both sides...... Very Bearish....

some signs of accumulation today... I'll still stick with the possibility of nobody wanting stock tomorrow...... Cause it's Friday, and nobody does... I wonder if the selling happened today though... and we could see some short covering....

Mad max trade

this isn't even interesting anymore.....

pre market oil pump and dump

06/12/2008 07:39 Venezuela Chavez: Oil Prices Should Settle At $100 A Barrel

that is all I have.

Was it a week ago... or 2

That we had a solid sell off in oil on Thursday, and Friday morning looked good.... Till the Open outcry, and oil made a new high, and all hell broke lose...

here is an interesting thesis... the huge managers.... Really big ones.... that also know that the value of the banks is huge right now.... and that they could pop once the earnings come out next week....

they could spend the next 2 days buying all the banks they can get their hands on....

as optimistic as the futures are, we need to break 130.50 in oil... then it will need a rally to get a sollid "Buy" going for financials....

I'll expect a nice morning rally, followed by a solid sell off.....

The question will be..... Where will the sell off go?

the most optimistic thing is the Euro weakness this morning. it would be nice to see it break into the 1.53 range...

quote

The Eskimo has fifty-two names for snow because it is important to them; there ought to be as many for love.

Margaret Atwood

Morning Optimisum report

I tell you... I'm giving up.....

is that a sign of capitulation?. Just a personal note.... I'm thinking about going full time day trader, Meaning just trade the crap out of the intraday swings....

Quantifiable edges, points out that the mcClellan Oscillator has gone -200 which indicates the distinct near term possiblility of a short term reversal.

STT state street financial is looking to set up a TK infamoous Break out, pull back ,`go!.... but we are in the "Pull back".... it would be good to see the "Go" before making that bet.

I've seen some good signs of some of the regionals that looked like they just were sick of the selling.....

the Euro after that insane move to 1.5568, has rolled over overnight and is now 1.54

But.... with earnings next week the normal pattern is for them to sell off through friday.

Never

I was just looking at some of these banks..

The regionals have almost never sold off to 1/3 rd the value off their high.

this is very overdone......

Except the ones that deserve it like City morgan jpmorgan.....

The problem as I see it is that the smaller banks are being punnished like they are the larger banks.

baby seal clubbing

Well, I sugjested yesterday was a possible wave 4 now we have a nice wave 5....

Which doesn't mean it's over....

I guess it's possible we have a nice double top forming in oil...

We will see...

I think it will still take a day or 2 of solid acumulation before we get a pop...

Tired

I think the market is just Tired of oil.......

I think even oil is tired of oil.....

GO Oil Bears!!

I was hoping they would get on the meat....

142... WTF some asshole.....

Let's see... take oil to $200 and we have Mad Max..... or.....

Seriously the last dude purchased oil.

Paul Newman has lung cancer :(

oil

the market is trading very thin in front of the oil numbers

premarket

no good premarket pump and dump on oil.... Umn.... if you were going to be short oil, wouldn't you wait till the energy report.

I keep hearing noise about utilities.

quote

Liberals are concerned about the concentration of wealth because it almost inevitably leads to a concentration of power that undermines democracy.

Robert Reich

No Quote yet

..... Morning..

I'm exhausted, yesterdays trading was amazing... RBS says they have no more write downs.. we may get more optimism in the banks....

the KRE was up 1% even higher than the XLF... I think the money center banks are going to have a hell of a time raising capital, and most of it just goes to reserve requirements. the Regional have exposure to bad loans, but they can be foreclosed on, and some money can be recovered, as opposed to the nastiness the the money center and Ibanks are in for for the next years.

also the regionals will take market share from the big banks.... That is my thesis....

hmmmm....What else......

oh, why "its never different this time".... the micro cycles will still be the same, even though I believe this is a Super cycle... the super cycle says this will go on for a few years...

Materials/Consumer Sector rotation,
As the materials loose their Alpha from the rate cuts, the Banks generate Alpha from the widening credit spread. Borrow at the fed rate, loan at the 10 year. What will happen is that the banks will become a momentum trade in the next few days/weeks go to far, then come back again. There should be some choppy trade.
the real boost will be when rates are Raised. Hopefully we will get some global slow down.. and our economy will become stronger..
The ECB probably won't raise rates.... I just think there will be enough pressure to keep them soft on rates.... and with oil coming back to 100-110 it will elevate inflation pressures.... Near Term.

Transports... I was looking at them yesterday... and they look like they should catch a bid soon.....
seems like a good trade. EXM DRYS The P/E were in the 30's when I was looking at them last... probably down in the 20s now.

STT

state street...... this is the best looking 2 day chart I've seen

dip buying in oil

We swear it will be up again tomorrow....

They only say that because it's been true for 5 years.

6 day xlf

I'm a little worried about this being a wave 4.. but when you look athe the 40 day move... that last felt like a wave 5.

What an idiot I am

When I'm letting things ride... for the most part.... I umn... do stupid things, like email cnbc....

Just stupid... complaining about non Apples to Apples comparisons, and significant bias.

Oil and the snoopy dance

Lots of money to be made today.... We are working on confirming a higher high on the XLF... could take a while.

But oil is down 4.50 off it's highs, and plunging

Retest

Comon retest of the xlf

screen of green

that screen I ran last night with 2 exceptions are ll in the green.... with RF leading them all...

I'd be psycked to see a retest, but we may not get one

oil financials

with oil not getting week, the financial trade is scary... it's obviously scary anyways

7am open outcry pump and dump oil

it's :30 till open outcry and I'm going to track the pump and dump before open outcry on black diamonds.

It's up $2.00 in electronic

06/10/2008 08:18 Eni CEO Says Current Oil Prices Is "Unrealistic"

06/10/2008 08:50 BEFORE THE BELL/UPDATE: Oil Spurs Inflation Fears

well I don't see anything else, lets see if the boys in the pits can sell it off

Broken record

I know I'm like a broken record on this, maybe a broken watch..... I'd like to think that I only suggested a bottom last Thursday when we tried to consolidate, before oil blew up.

if you are into the suicide of bottom fishing, and can get out fast enough. I think this morning is the morning.

I looked at the charts and it just looks like everything is dead and in a 5th wave sell off.

it was suggested that the xlf shows capitulation with 3x normal volume...

here is gartman on kudlow

Futures

The price of a commodity will never go to zero. When you invest in commodities futures, you're not buying a piece of paper that says you own an intangible piece of company that can go bankrupt.
Jim Rogers

look at those futures, Chinese armageddon has the futures spooked...

Gartman on Kudlow last night(the 10 minutes I caught as My eylids got heavy), said all the bad news in banks wat in.... either that or I dreamed it.....

Do I do anything but work

Here it is 10pm after a few hour post market nap... Here I am reading, and doing more market research.....

Stock Screen

Regional banks Greater than 2 billion Yield >6%

IRE-Bank of Ireland 13.7%
FITB- Fifth Third 10.51%
RF-Regions Financial 9.83%
KEY-Key bank 8.6%
CMA-comerica 7.47%
WB- Wachovia 7.45%
NDBKY- Nedbank Group (ADR) 6.84%
STI-Suntrust bank 6.6%
HBAN Huntington Bankshares 6.57%
BBT- BB&T Corporation 6.557%
BPOP Popular, Inc 6.53%
SNV-Synovus Financial 6.4%
MI- Marshall Ilsley 6.015%

There are some Savings banks with high yield....
The market caps don't feel good but For your amusement -some of these are OTC

BHBC Beverly hills bancorp inc- 23.15%
CDLX Coddle Creek Financial 8.89%
SSFC South Street Financial Copr 7.08%
CHFN Charter Financial Corp 6.67%.

Asian Squawk

I turn on Asian squawk.....

It's all Armageddon.... Crude is 139, the weak dollar needs intervention....... Suddenly I feel like it's Friday.... I look it all up....

While I took my post market nap, the Euro Dollar went from 1.565 to 1.556....

and nymex crude set a high of 135.30, and Brent traded all the way down to 132.50....

apparently on some Uncle Ben speak.

Maybe the reporters are just smoking crack... or talking about Friday as if it's today....

or maybe I'm just waking up

libor

slight downtick in 3month libor

quick market thesis

So, overall my thesis is that this will be a Long and Shallow recession.... The things that will keep us up, or that are the reasons I believe that are that.

• Global Growth, Not that we are disconnected, but that we are MORE connected. That will keep our economy Bouied more than we have ever seen in the past.
• The market believes in Armageddon, because this has hit "Wall Street I-Banks", there is a bit of a Bubble in Wallstreet thinking. They won't understand that the world will go on without them. They also won't understand that things aren't becoming "Armageddon" fast enough.
• Economic indicators are Trending UP, After a few months of this, the market is going to be in disbelief that things aren't that bad. A massive short covering rally will happen.
• After that rally, the market will realize that globally, things are Bad, and we will see a slowdown over another year.
• The surprise will be that normally we see this process take a year, and this time it will take much longer.
• But the surprise will be that it will be Neither Deep, Nor Short.... The "X" factor, will be the Fed, the huge mistake will be to raise rates.... They aren't kids, that had to know that they couldn't raise rates for a long time... and if they suddenly need to raise them, it will be bad....
• maybe it will be deep... but it's going to look shallow for a while.... Maybe that is my point.

end of day

probably not end of days,

I had alot of fun today trading my short hedge... would have been nice to play both sides.

I got a few runs in some of the banks I track.

Again I purchased some calls, I just see Banks that now have 12% dividends... and Can't imagine this isn't the buying opertunity of a lifetime.

Of course this goes with the calls I purchased 10% higher...

I picked up a few shares today of some favorites... though I lack conviction, With the leman news its' possible we get a short covering rally for a few days.

I feel like I need to post this

I put the short hege back on when we started making new lows...

and I just cleared it when oil dropped another buck, Oil is back up .75, and I don't know what I'll do...

Short Hedge

I decided to cover my short hedge here... if we start breaking down again, I'll put it back on.

xlf

So much for my double bottoming xlf

Full court Dollar press today

Fisher is about to talk, geitner just got done....

We are going to hear a full court press to get the stronger dollar..

paulson threating intervention

Go Paulson

1.5713 dollar euro
to
1.5687. and declining.

Fifth Third

FITB Fifth Third, starting to form an Ascending Triangle... as opposed to the descending triangle most the rest of the financials are forming....

xlf Thretens double bottom

This is just a possible double bottom, I always laugh at people who make that sort of call without it being tested... But half the financials I'm tracking are making a lower low and half a higher low.
and oil is trying to correct at the same time...

or it breaks down

Oil

another interesting divergence,... last week Brent Crude was trading .40 more than Nymex.

Now Brent is 1.30 cheeper than the CL contract.

fith third

this is the least scary chart in a regional....

but I point this out to say "Watch it"
if they break, they will break for a few days... so No bottom picking.

Oil

down $3 and a falling Euro.... Good to see....

goldman

Again they are trying to talk up oil...

3 minutes before open outcry-

The global crude oil price "superspike" predicted several years ago is
coming sooner because of rising demand and low inventories, a senior executive
at Goldman Sachs (GS) said Monday.

This morning

The market and the financials have been waiting for lehman news.....

is this it?

I'd say if oil can get below 134 by the open, that it could be a good day?

The euro is haveing a hard time holding 1.58.... That is good...

I don't know

Some trading quotes

From this story.

"I read a book on trading many years ago that said before every trading day
begins, you must ask yourself: How badly can I screw-up my account today?
"

The best single phrase about how much investment risk one should take comes
from J.P. Morgan, who told a worried friend, "sell down to your sleeping point."

"When the market goes against you, you hope that every day will be the last
day — and you lose more than you should had you not listened to hope. And when
the market goes your way, you become fearful that the next day will take away
your profit and you get out — too soon. The successful trader has to fight these
two deep-seated instincts."

dollar euro

hit 1.484 over night. and has moved back to 1.4578 currently.... that is good news. Brent Crude went 137.5 then down $3.50 to $134.... Now has jumped back up 1.66... That is some volitility

chinese oil

China braces for leap in gas prices

But Tang and millions of other Chinese are bracing for a big jump in pump
prices. The day of reckoning? Everybody believes it's coming right after the
Summer Olympics in Beijing conclude in late August.
...
The reason, as most see it, is that the central government doesn't want to
risk doing anything that could upset the populace before the Games, which open
Aug. 8. China is already grappling with inflation running at an annual pace of
more than 8%, mostly because of higher food costs
...
Other countries that subsidize fuel costs have boosted prices recently, in
some cases stirring unrest. Protests flared late last week in India, where the
government upped prices by about 10%, and there were calls for mass rallies in
Malaysia after gasoline prices jumped 41% overnight.

Dollar/Euro

Threatening new lows.... Sweet, Dollar Crisis here we come...

My #1 worry

So..... The ECB actually is threatening to tighten rates....... I kid you not.

Not that I know anything, but my thesis is the worst thing you can do is tighten. It's why I didn't want to see us loosen that last time, I felt like we could have kept rates flat for longer at the old rate, than they can now at the lower rate.

and now that they have, the worst thing they can do is tighten, and guaranteed if the ECB tightens... we go into a currency crisis. or an out of control currency crisis, as opposed to the one we are currently in.

but the Euro/dollar is showing the possiblility of being range bound 1.58-1.54. Which says oil could be range bound 115-140.

What else to do

at 6am, besides read the news....

I'm too lazy to throw out a chart..... But... it just seems like we are in wave 3 of a down turn.... If that's not obvious.

I'm just hoping for some sideways moves....

What is surprising me, is that we are in a crisis trade again... See at 12500 that is the level of march 2007, at which point earnings were in line.... 0% growth shows recession, and 1% as per GDP(ya it's cooked or whatever) is 12625... I'm not a big believer in the Discounting mechanism of the market....

I still think that the "Recession" has to prove itself.... and it's killing me that I'm sort of wrong and the market is in a "Crisis" trade again...

Here is some good news

The governments of China and India, which sell fuels to domestic users below cost, were in agreement with the U.S., Japan and South Korea that ``a gradual withdrawal of fuel subsidies is desirable,'' the statement said.

Libor charts Swaps

I umn... havn't been tracking this very well we have been trending up in 3 month libor, while trending down in overnight....
Long term risk is going up? but short term down?
I found out where bloomburg was hiding their libor charts... I'm going to replace the right links with them.... But, since I get so many searches for Libor Rate, I figured I'd provide the links.
Overnight Libor
3 month libor.

Aparently seaching for libor on bloomberg doesn't cut it to find the rates....

but I'm also going to update the links on the toolbar.

We all know how I hate fridays

This is still such toppy behavior in oil.

My original thesis when we hit 125 was that we needed a nice correction back to 110 then could proceed higher..... Over all this is a full on correction of the move since 100. I don't have very good crude charts.... But to be honest I wouldn't buy oil at this point... And the euphoria was at the last high.... It's just over.

My current thesis.... Well the charts suggest we still have another low. at a minimum... I keep buying Calls, I just can't help it.

either oil will correct

or the shell game is over.

I have this nightmare that trichet, decides to get all the European banks together, and immediately decides to raise rates, and it kicks off a dollar crisis. Market gets cut in 2.

Uncle Ben found Drooling and mumbling to self in his office. Carted away in straight jacket.

I'm reminded of something somone said about bull markets "bull markets don't shoot up 10% in one day. That is the sign of a bear."

Mad Max Trade

So, I'm going to expect an attemt to wash this market out on monday.

Like I've said, this market is all about oil... This is still verry toppy behavior out of oil.... Healthy markets don't do what oil is doing. And that the Stock market is selling off, says that the market is sane.

and Oil is unafordable. People just won't buy it. Gas prices are up .22 cents today.

amazing trades today we have... are having a correction in my reversal.... Good news is that the euro feels like it has cracked it's uptrend. This trade is crazy... and the market has no idea where to go.....

I'll umn.... Teh S&P is lagging these moves...

if oil moves back into the 120's... this is very Toppy behavior... and points more tward a long term top than a correction in oil

Lets see how this turn works out

attempt to turn

This is very topie behavior in oil... it's back down a couple bucks.

I'd like to see the Euro weaken, but it's sort of self fulfilling prophecy

450 points down today

that is my pridiction unless oil reverses to 125

fuck

The worst part is that after grinding this out all week, eating most my gains from the week. I do not want to ground it out all fucking day again....

and it's friday, nobody want's stock on friday.

oil

up $12 in 24 hours....

Morning

Well, I don't know about today. Market is nervous, that is good.

interesting NFP....

Fridays.... I should just sell on thursdays

Thursday

evil conquest

The root of the evil is not the construction of new, more dreadful weapons. It is the spirit of conquest. Ludwig von Mises

1 day 13 trades

I hit them all nearly perfectly... or as good as it gets....

2 fed governors, and one s and p downgrade Ugh... I'm so damn tired... who knows what will happen in the next 60 minutes but I expect to be Overweight financials into the close.....

heheheh into the job number...

the killer will be if the nfp is negative 100+k...

the expectation in a recession is negative 200K for jobs...

I hesitate to say it

But that downgrade, and spook in the financials with ambac and mbia hitting the index, then affecting the broader sector.....

But I'd say that/this sell off is the bottom..

Near term....

S&P and moodies

Oh...... Thank god... I thought we were going to make it through a day without hearing more bullshit from the biggest dinasaurs in the financial system

*DJ S&P: Ambac Financial Grp Cut To A; MBIA Inc Cut To AA-

The chart closed...

My guess is to get it going I have to repost it.

Trichet... What an ass

So, My thesis is that oil is headed for 110-100

we could luck out and see 80-90.....

so there Trichet is today, talking up the Euro.... so instead of working on everyone getting a break of 30-50% in oil... and yes a 10-20% correction in the dollar Euro, meaning that the Europeans only get half of that break..... But WTF..... Even if he needs to hike rates, Shut the fuck up about it, and let oil Correct.....

Why?

Why do I feel like this is just a repeat of yesterday.....

Banks

I don't think there is a bank I'm tracking that doesn't look good this morning.

The Kohn statment gave us a gret retest, and opertunity to go "all in"

Hopefully we are off to the races

Chart.

I'm going to try and run this chart "Live" all day. DJ us Sectors top 15 and bottom 15

Some charts

On the turn you should see a few things.

• first a breakdown of the wave 5 trend,
• Some sideways moves, in a series of inside moves or hopefully higher lows and higher highs. AKA Acumulation.
• Then a Breakdown of the overall trend.

STT-State Street Some Great progressive resistance 69.8 then grows to 70.2. Also Yesterday when most the Regionals made new lows at the end of the day, State Street did not.... It broke the 5th wave last week, If it can break 72 that breaks the downtrend, and should say "Buy" at about 70.6. Nice Acumulation, higher lows, and some indicators of higher highs.

Marshall & Ilsley Corporation- MI

We had a wave 5, and have broken the overall downtrend. We would like to see it go to 23+, then pull back to a higher low... then break out... Nice distribution, It's consolidated in the past few days looks good, It didn't make a new low, but the morning low was higher than the afternoon low.... Could break down....

WB Wachovia

We have a wave 5 which... we havn't had a lower low in.... Yet, the down trend hasn't been broken, but we did make a higher high yesterday, from the day before..... Caution. but may start consolidation....

RF- Regions

We have some nice consolidation, starting, broke that wave 5, also higher higher high, and higher low.... There is some time to heal here...

This is Key bank... that dip is because they said they may have to cut their dividend.

we have a nice wave 5, it hasn't broken yet, But of due note is that there is a nice Healthy Acumulation move at the end of the day yesterday... it is a new low.

UB

This is UB, it isn't looking that good, but it is interesting to note that there was a higher low at the end of the day yesterday.

Tired

The health of the eye seems to demand a horizon. We are never tired, so long as we can see far enough.

Ralph Waldo Emerson

Yesterday's sectors

I suspect there could be some interesting moves in paper products.

Sectors

Transports Utilities consumer non-cyclical.

Overall that is the Safety play... Flight to we are still in a recession. Recession Sectors are utilities Non-cyclical, and health-care....

Mccain

When Mccain speaks, doesn't he seem like the guy in debate class that didn't do well....

Post a trade lose money

state street financial

Alright... this has my blood going....

D-fence....

Post a trade lose money.

but many regionals feel good

well we are trying to make another reversal.... This is 2 days of the xlf,

Ratings Agencies

..... Every Fucking Day!!! we get to a sensative point in a rally... and those Retards who have no idea what a bond is, or what it's worth... show up and make some ratings changes.....

and that the market gives a shit....

Post a trade... get beat

.
I'd still be looking for a turn.......... and that is fairly 4th and 5th wave.

Energy

Look at that stupid thing... it just wants to rally on anything....

that is the 50% retrace... and I hestitate to sugjest that this could be the reversal.....

but D-fence wins the game

Fith Third

Looks like all the regionals may retest........ Nice move to the 38.2% or 50% retrace.... Get me psyched to go All in....

quote

Be at war with your vices, at peace with your neighbors, and let every new year find you a better man.

Benjamin Franklin

back to old ben today

Market Psychology

An important thing to ask, is when that point is that Everyone will get short, or everyone will get long... And for me... That is Everybody, every moron dope.

This Leeman thing, I just don't get it, why is it a whole market thing... The market data has been a surprise to the upside.

I tell you what is new...... After Months of fast response trading, where you can miss a move in 30 minutes.... We are getting much slower moves, nice clear moves that take a week to set up and react to.

Long Damn Days

Some trading Examples. Here is HCBK..... I'm always drawing trends. Besides these Trends, I'm watching tends on the indexes, and on Oil and on the Euro...... I've found my secret is to see 80% of those trends going in your direction... Oil and Euro down... Indexes Up.... Or the inverse if you're shorting.If I'm nervous, I'll wait.... There is nothing wrong with waiting... The market is always there and with cash there are always opportunities. But the good move is after the Trend line in broken, you wait for a correction.... Then make your move.

Today was the first day that we got some bounce, I'd had it with the last 2 days that there was no bounce at all going for the Regionals. It wasn't that surprising that the early strength Sold off.... I.E. Wave 4... Into a Wave 5.... Hopefully a reversal.

Here is a detail of the end of the day Trade on hcbk. Obviously With .40 moves, it takes about $10,000 to make $100.... Now I hate HCBK... but what I look for are opportunities... I'm not interested in the big shitty banks... But Like I said the Regionals are now trading like they have lost their Dividends, and Hope to god, they don't try and Issue stock at these levels, and HCBK is a trade only at this level, I'm looking to go long Stocks,

and it was easier to make money short. It was good to start seeing some bouncie Bouncie.....

But it also got obscene not to accumulate some stock, and some calls today.

I'm going to see If I can stroke out in the next couple weeks... just playing.

but we have sold off almost every morning for 2 weeks so I won't be suprised to see it again.

Good Lord.......

Well I'm looking to buy more calls

financials

I'm liking what I'm seeing..... Finally we are seeing some bounce out of the regionals.... I have some solid positions running...

It's sad when you spend some of the morning short stock you want to own.

And I think oil has the idea that it's not going to $200.... Fucking morons.

Also some of them trading with 10% dividends.... I can't imagine someone trying to take a short position thinking that sometime this quarter they will have to pay up 2.5% to stay short.

pull-backs sideways

With yesterday's pullback, the logical thing would have been to have a 3rd wave downside today.

The possibility of some sideways action.... is always there... the market smells like it wants to run... I'll be curious how the gap fade goes......

Uncle Ben

Some nice breakdowns in the euro, and in the price of oil.

It seemed to happen of Uncle Ben... But... it may have just been a small catylist.

Tennis

In 1973, women got 59 cents on the dollar; now we are getting 74 cents on the dollar. In the area of finance and business, we are at 68 cents on the dollar.

Billie Jean King

I know I'm obsessed by tennis

That is a sad chart

So much for no new low......

It kills me that S&P doesn't have a sell rating on every financial already.... If the IBanks don't get sell ratings... What the hell does...

materials

Market is weak this morning.... Dip buying attempts in oil and materials continues.. I'll stick with my thesis that this stuff has another solid leg down.

The regionals are taking a beating this morning... but for the most part have yet to break the lows from last week.

and have yet to make a lower low.... Also these pull backs are on lower volume.... Feeling good.

Looking at some of the Regionals... roughly they show the same pattern.

Nice.... Well we just had a Jump of a buck in oil......

banks

The process by which banks create money is so simple that the mind is repelled.

John Kenneth Galbraith

This was fun to read...

The Great Oil Price Swindle- Market Manipulation or Fraud?

For months we've been told that the soaring price of oil has been the
result of Peak Oil, fighting in Iraq, attacks on oil facilities in Nigeria,
labor problems in Norway, and (the all-time favorite)growth in China. It's
all baloney. Just like Goldman Sachs prediction of $200 per barrel oil is
baloney. If oil is about to skyrocket then why has G-Sax kept a neutral rating
on some of its oil holdings like Exxon Mobile? Could it be that they know that
oil is just another mega-inflated equity bubble---like housing, corporate bonds
and dot.com stocks—that is about to crash to earth as soon as the big
players grab a parachute?

There are three things that are driving up the price of oil: the falling dollar, speculation and buying on margin. .............

The price of oil has more than quadrupled since 2001, from roughly $30 per barrel to $126, WITHOUT ANY DISRUPTIONS TO SUPPLY. There's no shortage; it's just gibberish. ........

Is it possible that gambling on oil futures might be a temptation for banks that are already underwater from a trillion dollars worth of mortgage-related deals that have “gone south” leaving the banking system essentially bankrupt?

It just goes on and on, in a sort of rant from there.